Blockchain project in Vietnam: GameFi, following the “trend”, scam

After GameFi, it follows the trend of “Move to Earn”

The success of Axie Infinity has led to the GameFi movement (game combining blockchain technology and decentralized finance) that has grown strongly in Vietnam for the past 1 year, a series of projects have been born and increased rapidly. record. Speaking at a recent event held in Hanoi, Mr. Nguyen Ngoc Dung, Chairman of the Vietnam E-Commerce Association (VECOM) said that the number of Blockchain projects has reached about 600, of which the main mainly GameFi projects.

A GameFi project in Vietnam – Photo: Le My

Projects born at the beginning of the “trend” of GameFi with profits of x10 or even x100 for investors, followed by the continuous influx of domestic and international investors. million to tens of millions of dollars into games, has attracted a lot of people to jump into this field. Vietnam has become a “factory” for GameFi projects, when besides the famous game production studios so far, there are also more classes such as real estate business, training, Digital Marketing. , software outsourcing, even multi-level business… Those who have never made an online game before, also set up their own studios to produce games, calling for investment.

Most projects draw on epic games, beautiful graphics and a long production process… and with the initial profit multiplying many times as above, many investors still put money down without hesitation. do not be afraid. At that time, talking to VietNamNet, the CEO of a long-time domestic game studio said that most of these projects are “drawing cakes”, it is easy to see that some games are bought with source code from Chinese websites. for a few thousand to a few tens of thousands of dollars, some games buy foreign graphics to edit clips, the real projects are very few, just counted on the fingers.

However, the investment trend of GameFi has only taken place for a few months, with many poor quality projects, even unable to produce products, investors are no longer interested in this field.

But notably, in recent times, with the success of the StepN project, an international money-making running project, has continued to lead to the “Move to Ean” trend. appeared in Vietnam. Many projects that follow StepN were born and once again investors are not afraid to put down money to make profits from these projects.

Many scam projects appear

Following the “trend” and not having expertise in game making, has created a series of fraudulent GameFi projects in Vietnam so far.

Typically, some scams have been revealed by the community such as Zodiac, accused by investors of stealing more than VND 50 billion; Crypto Bike project appropriated 30 billion VND; project chain Ccar, Cpan, Cguar has appropriated from investors and players up to more than 2,000 billion VND. Despite the discovery, the majority of investors so far have not been able to get their money back.

DoragonLand is being accused of cheating investors – Screenshot

And most recently, the DoragonLand project, which is also being accused of fraud, and many investment funds are taking steps to sue the owner of this project.

According to the summary of investment funds transferred to VietNamNet, when signing Saft (a form of electronic investment contract in the Blockchain field) to transfer money to DoragonLand, investment funds signed with a company called Centus based in Panama. with the representative is Mr. Ngo Quang Minh. Notably, this Mr. Ngo Quang Minh is the Deputy General Director of VMO, which is said to be a partner company that hires programming personnel of V2B Labs, based in Cau Giay, Hanoi, the direct unit. as an advisor (Advisor) for DoragonLand. According to sharing via email sent to investment funds, V2B Lab directly supports in terms of investment, strategy, products and marketing for this project and project personnel are working directly at the company’s office. company.

Information from investment funds said that the token price of this project has divided hundreds of times since peaking from 0.7 USD. The announced amount of the project called for capital was 2 million USD, but according to the investigation, the actual investment wallet received up to 6 million USD. Despite calling for so much investment, the project team showed no sign of continuing to implement, but drifted away, self-correcting the project’s development process without consulting, besides do more projects to follow. Therefore, investors believe that the project has signs of fraud and is in the process of filing a lawsuit.

Blockchain does not currently have regulatory regulations in Vietnam, but according to Mr. Dao Tien Phong, managing lawyer of Investpush Legal, a lawyer who has consulted on many Blockchain technology projects in Vietnam, although Regulations for new applications of Blockchain technology are not yet available, but if any individual or organization takes advantage of technology to commit acts of property appropriation, they can still be criminally handled under Article 290, Penal Code 2015 amended and supplemented in 2017.

Accordingly, this law stipulates quite in detail the signs that constitute a crime such as: “Scams in e-commerce, electronic payments, currency trading, capital raising, multi-level business or securities trading. online securities in order to appropriate property”. The maximum penalty for this crime can be up to 20 years in prison.

Le My


Leave a Reply

Your email address will not be published. Required fields are marked *